30-May-17 The global advanced polymer composites market is expected to cross US$16 bln by 2024, gathering massive revenue via application in aviation parts, as per Global Market Insights, Inc. APAC will witness the highest growth over the next seven years. Advanced polymer composites market is set to generate a significant momentum in the years ahead, primarily driven by the rising demand for polymer composites from the aerospace industry, finding application in the manufacturing of wings, ailerons, floor beams, landing gear doors, engine nacelles, elaborators, and other interior parts of an aircraft. Over the past few years, significant growth in passenger and commercial aviation sector has left an influential impact in changing the advanced polymer composites market dynamics. Statistics, such as the projection of growth rate of global passenger air traffic at a CAGR of 5% over 2016-2024, and rise in commercial aircraft deliveries which are estimated to surpass 1500 units by 2024, is depicting clear signs of growth and advancement in overall advanced polymer composites industry.
With a coverage of 40% of the overall advanced polymer composites industry share in 2015, aviation parts emerged as the leading application segment in this market. An upswing in the preference of air transportation mode as a consequence of upgraded consumer lifestyles has also favored the advanced polymer composites industry expansion. Growing deployment of auto parts such as tires, engines, body panels, instrument panels and windows have also resulted in an increase in global product sales. The advanced polymer composites market share from auto parts application is anticipated to grow at a rate of 7% over 2016-2024. High material strength capabilities of advanced polymer composites have allowed a strong deployment of the product in wind energy farms. This is also considered as one of the main drivers stimulating the advanced polymer composites market size. The soaring demand for renewable energy sources over past few years has shown a major swing in the usage of advanced polymers as they provide high stiffness and strength to the wind blades. The energy generated by wind power generation plants contributed around 5% to the total power generation. Over the forthcoming years, a significant surge in this share will positively impact the growth of advanced polymer composites industry.
These advanced polymer composites are manufactured by combining multiple materials having different characteristics. The two key components include a polymer matrix and a reinforcing fiber material which gives the polymer composites its strength and stiffness. The product landscape of this industry comprises resins and fiber. Holding a revenue of over USD 3 billion in 2015, the global resins advanced polymer composites market accounted for 35% of the overall industry share in the same year. Considering the global status, APAC advanced polymer composites market is poised to register the highest growth in the coming seven years. Upgraded aerospace industry of China and India can be considered as the major factor driving the regional market trends.
Advanced polymer composites market has a track record of exhibiting an impressive performance over the recent years. With transformative innovations, this industry is expected to chart a profitable roadmap in the years ahead as well. As per Global Market Insights, Inc., “Global advanced polymer composites industry is set to record a lucrative CAGR of 7% over the coming seven years.” The industry is highly fragmented with the presence of large as well as small to medium sized firms. Some of the prominent industry participants include BASF SE, Owens Corning Corporation, Arkema S.A., Cristex Ltd, and 3B-Fibreglass sprl.
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